Working papers are those papers which contain essential facts about accounts so that the auditor may not have again to go over the accounts of his clients in case he wants to refer to them later on during the course of his audit.
Audit working papers are the documents which record all audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards.
Objective or Aim of working papers:
The objective or aim of working papers are given below –
- In order to support the auditor’s report, these papers show in detail the work performed by the audit clerks.
- The auditor can form an opinion about the efficiency or otherwise of the audit clerks.
- Working papers considered as the permanent record and auditor can defend himself in case of suits against him.
- The preparation of the working papers is a means to give training to the audit clerk as the work done by them.
- The working papers enable the auditor to point out to the client weakness of the internal control system in operation and inefficiency of the accountancy System.
- The working papers help the auditors to plan tor succeeding year.
- The working papers enable to prepare the report to be issued without mass waste of time.
- Future audit work can be carried on some sequence on the basis of the previous working Papers.